Vision Marine Provides Update on E-Motion Powertrain Initiatives And Other Corporate Developments
February 26 2021 - 08:00AM
Vision Marine Technologies, Inc. (Nasdaq:
VMAR) (“Vision” or the “Company”), a leader in
transforming the global boating market by designing and
manufacturing environmentally friendly electric boats and
propulsion systems, provided an update on its new marketing
initiatives and corporate developments since the Company’s initial
public offering in November of 2020.
“Since our IPO just three months ago, the
Company has made tremendous strides in growing our existing
business and furthering our reputation as a disruptive world class
nautical technology company,” said Alex Mongeon, Co-Founder and
Chief Executive Officer of Vision. Mongeon continued, “We believe
the market for our E-Motion powertrain systems continues to expand.
The National Marine Manufacturers Association (NMMA) recently
reported that U.S. boat sales reached a 13-year high in 2020 while
outboard engine sales reached the highest level in 20 years, and
that it expects these strong sales to continue in 2021. Vision’s
technology positions us well to take advantage of what we believe
is a continuing sea change increase in consumer demand, as well as
the growing desire by consumers, regulators and municipalities to
reduce the environmental impact associated with traditional
internal combustion engines. With our recent strategic acquisition
of MAC Engineering, Vision has acquired cutting edge next-gen
technology and design teams which will expand our market leadership
and competitive advantage for years to come.”
Highlights of Recent Corporate Developments
- Accelerated marketing
efforts with OEMs for sales of E-Motion powertrain
systems, building on the more than 1,000 units for which
the Company has received Letters of Intent (LOIs). Vision expects
to begin converting these LOIs to sales in the coming
quarters.
- Acquired MAC Engineering’s
intellectual property relating to marine outboard electronic
systems. MAC is a pioneering designer of innovative
electric propulsion systems for automotive, industrial, military
and nautical applications. MAC’s CEO Xavier Montagne, a visionary
designer and the “brains” behind numerous electric vehicle
powertrains and battery management systems, has joined Vision as
Chief Technology Officer.
- More than doubled the
number of boats on order during the last six months, as
compared with the same year ago period, significantly expanding its
market share lead in electric boats;
- Partnered with Tourism
Quebec and Transport Canada to provide up to 30 electric
boats for rental and water taxi operations along a 30 km section of
waterways near the city of Montreal.
- Signed a purchase order
with Boat Fix, Inc. enabling Vision to outfit its electric
powerboat fleet with Boat Fix’s customized telematics devices as
well as a monitoring software application and customer support
services.
- Planned exhibitions and
demonstrations at world-renowned trade shows, including
the Vancouver Boat Show (February 24-27), the Carefree Boat Club
Conference (March 8-10), the Venice Boat Show and e-Regatta (May
29-June 5) and more.
- Scheduled to present at
multiple upcoming investor conferences, including Maxim
Emerging Growth Conference (March 17-18), Planet MicroCap. Showcase
(April 21-22) and others.
Mongeon added, “Our cash position, coupled with
our debt free capital structure, technological expertise and first
mover speed-to-market, have positioned us well to expedite E-Motion
electric boat powertrain sales while continuing to make progress on
high-value R&D initiatives. Our growing boat sales business
both fuels further growth and serves as a highly effective showcase
for our proprietary powertrain systems. We look forward to
providing additional updates with more details on our progress as
we are able to.”
About Vision Marine
TechnologiesVision Marine Technologies, Inc., an ESG
principled company, strives to change and be a contributing factor
in fighting the problem of waterway pollution by disrupting the
boating industry with electric power, contributing to zero
pollution, zero emission, wave less water, and a noiseless
environment.
Our flagship outboard powertrain (E-Motion) is
the first fully electric outboard powertrain system that combines
an advanced battery pack, inverter, and high efficiency motor with
proprietary union assembly between the transmission and the
electric motor design and extensive control software. Our E-Motion
technologies used in this powertrain system are designed to improve
the efficiency of the outboard powertrain and, as a result,
increase range and performance.
Vision continues to design, innovate,
manufacture, and sell our handcrafted, high performance,
environmentally friendly, electric recreational powerboats to
recreational customers.
The design and technology applied to our boats
results in far greater and enhanced performance, higher speeds, and
longer range. Simply stated, a smoother ride than a traditional ICE
motorboat.
Forward-Looking StatementsThe
statements contained in this press release that are not historical
facts are forward-looking statements. The forward-looking
statements are subject to various risks, uncertainties,
assumptions, or changes in circumstances that are different to
predict or quantify. Actual results may differ materially from
these expectations due to changes in global, regional, or local
economic, business, competitive, market, regulatory and other
factors, many of which are beyond Vision’s control. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements are set forth in Vision’s
filings with the SEC, including its registration statement on Form
F-1, as amended from time to time, under the caption “Risk
Factors.” Any forward-looking statement in this press release
speaks only as of the date of this release. Vision undertakes no
obligation to publicly update or review any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by any
applicable securities laws.
https://visionmarinetechnologies.com
Company Contact:Bruce Nurse(800)
871-4274bn@v-mti.com
Investor Relations Contact:Gateway Investor
RelationsSean McGowan and Tom Colton(949)
574-3860VMAR@gatewayir.com
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